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FY19 has started off at a satisfactory note for PC Jeweller. The company has continued to gain market share in the domestic jewellery market. Company has mentioned in its filing that it had set an internal target of 20% qoq growth in Q1FY19E and even in a subdued industry scenario has almost achieved the same.
The company launched a totally different range of wedding jewellery collection "Lal Quila" in Q4FY18 and it has continued to do very well in Q1FY19. This jewellery collection incorporates a unique Japanese manufacturing technique and has been very well received by the customers.
The company opened two new franchisee stores in the month of April, which increased the total number of its store to 94. Out of these, 82 are company owned and 12 are franchisee.
Company also guided that going ahead the store expansion will be mainly through franchisee route only. This ensures that the company will be able to concentrate on its core strength of designing and manufacturing as well as Brand building and conserve its own capital.
The company ran an attractive gold exchange program during the month of June, 2018. This coupled with its focus on Jewel for Less Scheme has helped in contributing to new customer acquisition.
As per the filing, the export business of the company has grown in double digits during the quarter. This business was affected adversely during Q4FY18 due to imposition of VAT in Dubai. However, the VAT has been removed in the first quarter and company has made up for sales decline in the last quarter.
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